(Yicai Global) March 16 -- The inexorable rise of property prices in the economic powerhouse of Shenzhen has outpaced that of China’s 35 main cities since the outbreak of the Covid-19 pandemic.

The average price of a home in Shenzhen shot up 16 percent in February from the same period last year, according to Yicai Global data. Last month, the average price of a pre-owned home in five of Shenzhen's nine districts was more than CNY50,000 (USD7,695) per square meter, according to data from China Real Estate Value.

The booming hi-tech metropolis has some of the most expensive real estate in the country. Property in the central district of Nanshan is fetching CNY126,522 (USD19,471) a square meter. The city attracts a large number of young workers from around the country but the housing supply is tight due to limited land, hence the soaring prices.

The overall housing market in the first-tier cities of Shanghai, Beijing, Shenzhen and Guangzhou will stay balanced this year as the government regulates financing and land supply, Zhang Bo, director of 58 Anjuke Institute branch, told Yicai Global.

Ningbo in eastern Zhejiang province had the second fastest growth rate at 10.1 percent. Yinchuan in the Ningxia Hui Autonomous Region in northwest China came third at 10 percent. Guangzhou ranked fourth with 9.8 percent.

Out of the 35 cities surveyed, 10 saw a fall in property prices over the last year. These included Harbin in northeastern Heilongjiang province, Changchun in northeastern Jilin province, Zhengzhou in central Henan province, Shijiazhuang in northern Hebei province and Jinan in northeastern Shandong province. Harbin experienced the biggest drop at 3.7 percent.

Editor: Kim Taylor